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Centrum Broking Report
Tech Mahindra Ltd.'s Q2 FY21 results delivered a solid beat on Ebit margin which aided in profit after tax beat.
Post strong margin beat in Q2 FY21, we raise Ebit margin assumption to 12.5/13.3/14.3% for FY21/FY22/FY23E (versus 11.1/12.1/13.1% earlier).
We note Q2 FY21 Ebit margin is 14.2% and our forward assumptions build some moderation over next quarters as hiring has to pick up in IT services (the company is now operating at peak utilization of 85%).
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